Elville Inc

question 1

Essay

Elville Inc. was incorporated under provincial legislation with a December 31 year-end. The company has a single class of shares. As at December 31, 2019, it had 900,000 shares issued and outstanding. These shares had a book value of $18,000,000 on the balance sheet.
During 2020, Elville repurchased 10% of the issued shares from one of the minority shareholders at a cost of $25 per share. The company held these in treasury and later found a buyer for half of these shares at $30. The other half were sold at $21 to another investor.
Required:
Record the share transactions using the single-transaction method for treasury stock, which is the preferred accounting method.

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Definitions:

Feminist Social Action

Initiatives and efforts guided by feminist principles aiming to address and mitigate gender inequalities and promote women's rights and empowerment.

Transgender

An umbrella term for individuals whose gender identity or gender expression differs from the sex they were assigned at birth.

Transvestite

Transvestite is a term, now considered outdated and pejorative, for a person who dresses in clothes typically associated with the opposite gender, primarily for expressive or performative purposes.

Transsexual

An individual whose gender identity does not align with their biological or assigned sex at birth, often seeking to transition to the gender they identify with through medical interventions.